Analysts Downgrade Paycom Software Stock After Inferior Outlook, Stock Loses ~40%
Portfolio Pulse from Anusuya Lahiri
Paycom Software Inc (NYSE:PAYC) has been downgraded by several analysts following a disappointing outlook and revenue growth below expectations. The company's stock lost around 40% of its value. The downgrades were due to macro headwinds, BETI cannibalization, and strategic initiatives. The company's Q4 revenue and EPS are also projected to be lower than consensus estimates. PAYC's shares closed lower by 38.50% at $150.69 on Wednesday.
November 01, 2023 | 8:16 pm
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Paycom Software has been downgraded by several analysts due to disappointing outlook and lower than expected revenue growth. The company's stock lost around 40% of its value.
The downgrades from multiple analysts due to disappointing outlook and lower than expected revenue growth have led to a significant drop in Paycom's stock price. This negative sentiment is likely to continue impacting the stock in the short term.
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